It was originally titled "The Laugh" and published serially in Lloyd's Magazine from December 1918 to February 1920.
The novel features a person referred to as "Lord X", whose activities as arms smuggler resemble those of the Carlist politician Tirso de Olazábal y Lardizábal, Count of Arbelaiz.
The principal theme is a love triangle which comprises the young narrator, Doña Rita and the Confederate veteran Captain Blunt (named for Simon F.
[3] Doña Rita finances the operations of the narrator's vessel, Tremolino, which smuggles ammunition to the Carlist army.
Conrad dedicated the novel to his friend, the author, critic and journalist Richard Curle.